{"id":5475,"date":"2023-06-27T11:10:05","date_gmt":"2023-06-27T11:10:05","guid":{"rendered":"https:\/\/www.horsesforsources.com\/?p=5475"},"modified":"2023-06-27T11:10:05","modified_gmt":"2023-06-27T11:10:05","slug":"ben-admin-horizons_062723","status":"publish","type":"post","link":"https:\/\/www.horsesforsources.com\/ben-admin-horizons_062723\/","title":{"rendered":"Most benefits administrators are missing the opportunity to address a multi-generational workforce"},"content":{"rendered":"

HFS Research has gone where no one has been before as we take a serious look at benefits outsourcing and expose how many of today’s providers still operate in the dark ages.<\/em><\/p>\n

For our groundbreaking HFS Horizons: Employee Benefits Administrators, 2023<\/a> report, we evaluated 25 benefits administrators and service providers (see Exhibit 1) and interacted with 125 enterprises that contract with them. It\u2019s the most extensive slate and comprehensive study on this industry yet. US healthcare is shifting: Employer medical underwriting surpassed commercial insurers<\/a>, the aspirations of a post-pandemic multi-generational workforce continue to evolve, and the proliferation of technology is accelerating\u2014yet benefits administration appears stuck in a legacy paradigm.<\/p>\n

We evaluated the 25 benefits administrators for their ability to address the cost (Horizon 1), experience (Horizon 2), and health outcomes (Horizon 3) for employees globally.<\/p>\n

Exhibit 1: Only two of the 25 benefits administrators and service providers addressed the triple aim of care: reducing costs, enhancing experience, and impacting health outcomes<\/strong>\"\"<\/a><\/p>\n

Note: Service providers in each Horizon are listed alphabetically.<\/em><\/p>\n

The multi-generational global workforce has constantly evolving expectations<\/strong><\/p>\n

Five generations coexist in the current workforce; they have distinct world views, varied aspirations, and different pandemic recovery strategies. Yet, when it comes to benefits\u2014whether health (wellness and healthcare), wealth (financial planning and retirement), or professional (career and training)\u2014there is an extraordinary bias toward a one-size-fits-all model. Employers and benefits administrators are guilty of not sufficiently investing in understanding their employees\u2019 evolving needs and not reimagining how they address their health, wealth, and professional needs beyond traditional solutions.<\/p>\n

Same old, same old<\/strong><\/p>\n

Many benefits administrators are satisfied with delivering the same set of services through the same modalities, year after year. The intrinsic apathy is befuddling, given that generational needs continue to evolve and remain unmet. According to the US Centers for Disease Control and Prevention (CDC), the US population\u2019s life expectancy has regressed to 1996 levels\u2014in 2019 it was 79 and now it is 76.1\u2014and 60% of the population has a chronic condition such as diabetes, obesity, or hypertension. The Employee Benefit Research Institute (EBRI) indicated that in 2023, Americans\u2019 confidence in retiring comfortably has declined. Given these deteriorating statistics, benefits administrators and employers must do more to address the deterioration in their sphere of influence and reimagine a paradigm to keep improvements sustainable.<\/p>\n

A new generation of providers is leveraging technology to make a difference<\/strong><\/p>\n

Still, there is hope. A new generation of providers is leveraging technology to make a difference. Technology enablement is driven by a slow paradigm shift that engages employees, converts feedback into solutions, and measures outcomes beyond the tactical. These benefits administrators utilize data smartly and effectively to improve benefits utilization rates, track efficacy, and improve access. The proliferating mobile apps are becoming table stakes, while many firms are making usability a foundational capability to address experience gaps. The extensive use of technology impacts costs, though the underlying cost of benefits is slowing the progression of reducing costs materially.<\/p>\n

The Bottom Line: The needs of today\u2019s multi-generational global workforce require a new paradigm\u2014a challenge benefits administrators must address immediately or be disrupted.<\/strong><\/h3>\n

The HFS Horizons: Employee Benefits Administrators, 2023<\/a> report includes detailed profiles of each benefits administrator and service provider, outlining capabilities, strengths, provider facts, and development opportunities.<\/p>\n

HFS subscribers can download the report here<\/a> .<\/h3>\n","protected":false},"excerpt":{"rendered":"

HFS Research has gone where no one has been before as we take a serious look at benefits outsourcing and…<\/p>\n","protected":false},"author":3,"featured_media":5476,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[876,64,975,833],"tags":[1064,1066,384,619,1065],"ppma_author":[913,923,19],"yoast_head":"\nMost benefits administrators are missing the opportunity to address a multi-generational workforce - Horses for Sources | No Boundaries<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.horsesforsources.com\/ben-admin-horizons_062723\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Most benefits administrators are missing the opportunity to address a multi-generational workforce - 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